Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance and is popular with seniors.

Most final expense plans have these features:

• Whole life insurance – no expiration if premiums are paid

• Cash value – insured may be able to take out a policy loan

• Fixed premiums as long as they’re paid

• Simplified issue – usually no medical exam is required, just health questions on the application

• Easy application process

• Fast approvals – coverage can often be issued in days

• Affordable rates